The strategy at Monro Inc. is to keep the foot on the gas when it comes to acquisitions. And that's evident already in 2018, with the purchase of three retail stores from Valley Tire Co. Inc. in Pennsylvania, plus an agreement to complete another deal with seven stores before the end of March.
The transaction with Valley Tire, which holds the No. 49 spot on the Modern Tire Dealer 100 with 24 outlets as of July 2017, was revealed in a Feb. 1 filing with the Securities and Exchange Commission. Monro said the purchase of the three retail tire and automotive stores on Jan. 14, 2018, was financed through its existing credit facility.
Two days earlier during its quarterly earnings announcement Monro had revealed the company had signed a definitive asset purchase agreement to buy seven unnamed stores that are located within the company's existing markets. That deal is expected to close in the company's fourth quarter of fiscal 2018, which ends in March 2018.
Here's a roundup of the acquisitions Monro has completed in fiscal 2018. Monro says the businesses were bought "for an aggregate purchase price of $15.7 million" and have contributed $8.2 million in sales as of the end of the third quarter, Dec. 23, 2017.
On Dec. 17, 2017: acquired one retail tire and automotive repair store in Indiana from MLR, Inc. This store operates under the Car-X name.
On Dec. 10, 2017: acquired two retail tire and automotive repair stores in Pennsylvania from TriGar Tire & Auto Service Center LLC. One store operates under the Monro name and one store operates under the Mr. Tire name.
On Aug. 13, 2017: acquired eight retail tire and automotive repair stores in Indiana and Illinois from Auto MD LLC. These stores operate under the Car-X name.
On July 30, 2017: acquired 13 retail tire and automotive repair stores in Michigan, 12 of which were operating as Speedy Auto Service and Tire dealer locations, from UVR Inc. One of the acquired stores was not opened by Monro. These stores operate under the Monro name.
On July 9, 2017: acquired one retail tire and automotive repair store in North Carolina from Norman Young Tires Inc. This store operates under the Treadquarters name.
On June 25, 2017: acquired one retail tire and automotive repair store in Illinois from D&S Pulaski LLC. This store operates under the Car-X name.
On June 11, 2017: acquired two retail tire and automotive repair stores in Minnesota and Wisconsin from J & R Diversified Inc. These stores operate under the Car-X name.
On June 11, 2017: acquired one retail tire and automotive repair store in Ohio from Michael N. McGroarty Inc. This store operates under the Mr. Tire name.
On June 2, 2017: acquired one retail tire and automotive repair store in Connecticut from Tires Plus LLC. This store operates under the Monro name.
On May 21, 2017: acquired one retail tire and automotive repair store in Ohio from Bob Sumerel Tire Co. Inc. This store operates under the Mr. Tire name.
On April 23, 2017: acquired one retail tire and automotive repair store in Florida from Collier Automotive Group Inc. This store operates under The Tire Choice name.
